Posted by Tom Resner on May 28, 2008 at 14:16:04:
In Reply to: Bulk REO packages and Builder Close-outs posted by The Investors Agent on May 03, 2008 at 01:37:57:
I thought I would send you a summary of the financing I can get you for Bulk REO and Blanket loans.
Excellent terms 80% ARV, 25yr amortization for single and double units, 70% ARV for 3 and 4 unit properties. 80% LTV Blanket purchases or refinances. Excellent rate 6.5%. Must have minimum 1M purchase maximum 100M.
The loan is primarily asset based however the lender will want to see the borrower's resume, personal financial statement, executive summary including exit strategy, credit report.
The lender is flexible and will look at the overall strength of the borrower and project.If condo purchases it must be a significant number. Releases made based on the amount of the loan apportioned to that property in the original purchase. Purchase must be made from one lender portfolio not cherry picking from several and in same general area.
Commercial office/apt/retail basically the same terms. DSR 1.25 and lenders will need to see rent rolls and tenant leases
For additional information or questions call 317-774-2913.